Victory for treasure hunters
Updated on 02 February 2009
Gold bullion worth more than £700 million could be lying at the bottom of the English Channel.
It has been confirmed that the wreck of legendary British warship HMS Victory, which sank during a storm in 1744, has been located around 330ft under the Channel.
More than 1,100 sailors and 50 volunteers lost their lives when the Victory, the predecessor to Lord Nelson's Victory and the world's largest and finest warship, went down on October 5, 1744, with Admiral John Balchin at the helm.
Florida-based firm Odyssey Marine Exploration located the vessel in May last year, around 60 miles from where it was historically believed to have been lost - near the Channel Islands.
Jason Williams, executive producer of JMW Productions, who filmed the discovery, said: "Reports from the time say that the ship was carrying four tonnes of gold, around £400,000 sterling, which it picked up from Lisbon on its way to Gibraltar.
"Today this has a bullion value of £125 million, but that is just its raw weight. That means it is worth about $1 billion."
The British Government will legally own any gold recovered and the Ministry of Defence has given the company permission to go back down to the wreck to try to find the treasure.
Greg Stemm, chief executive officer of Odyssey Marine Exploration, has said however that he is negotiations and expects to be rewarded for the find.
Mr Stemm said: "The money is not as important as the cultural and historical significance of the discovery. It is a monumental event, not only for Odyssey but for the world.
"It is probably the most significant shipwreck find to date.
"HMS Victory was the mightiest vessel of the 18th century and the eclectic mix of guns we found on the site will prove essential in further refining our understanding of naval weaponry used during the era."
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